Renewable energy becomes largest source of installed power

International Energy Agency report says renewables reached 153GW in 2015 and will grow by 13 percent by 2021.

According to a report by the International Energy Agency (IEA), renewable energy sources, lead by wind and solar, surpassed coal in 2015 to become the largest source of installed power capacity in the world. The agency’s Medium-Term Renewable Market Report states that renewables reached 153 Gigawatt world-wide, represented more than half the new power capacity globally.

Globally, the report estimates approximately half a million solar panels were installed daily around the world in 2015. In China, which accounted for about half the wind additions and 40% of all renewable capacity increases, two wind turbines were installed every hour in 2015.

In addition, the report predicts renewables will continue to grow by 13 percent between 2015 and 2021. By that year, renewables are expected to exceed 7600 TWh, the equivalent of present total U.S. and the EU power generation combined. That growth, the report says, is largely due to strong policy backing in the United States, China, India and Mexico and projected cost reductions in solar PV (25 percent reduction) and onshore wind (15 percent).

“We are witnessing a transformation of global power markets led by renewables and, as is the case with other fields, the center of gravity for renewable growth is moving to emerging markets,” said Dr Fatih Birol, the IEA’s executive director.www.iea.org